O’Leary Ventures Kevin O’Leary’s president shares whether he is concerned about Tariff President Donald Trump on Steel and Aluminum, the fate of US Penny and the handling of Tictoka sales.
President Donald Trump He asks to end the production of new trifles, and recently told the Scott Treasury Minister Scotta Bessent to happen.
Late on Sunday night, Trump revealed that he “instructed my US Secretary Secretary to stop producing new money,” claiming that “the little things have been cooked for too long, which literally cost us more than 2 cents” and that “this is so wasteful! “
Former President Donald Trump, a Republican presidential candidate, is coming to speak during the election night at the Palm Beach Congress Center on November 6, 2024 at West Palm Beach, Fla. (Chip Somodeville / Getty Images / Getty Images)
The move asked that US consumers could influence and, according to one expert, the impact would be negligible.
“I don’t think it will have an impact on consumers. I think it’s just a very reasonable thing, because no one else uses little things. No one needs a penny, “said David Bahnsen, founder of the Bahnsen group, Fox Business said.” As is a matter of basic convenience and cost, the studies I saw were to cost three cents to make a penny, so there is something rather than that mathematics. “
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The cost of drafting and distribution of Penya was 3.69 cents in the year 2024, the latest annual USA report indicated.
The American Metica delivered 3.17 billion new penny last year. The gross cost of these coins, $ 117 million, was significantly higher than their combined value of $ 31.7 million, the report said.
“As for the impact on consumers, does this make the difference in their consumption habits that they have no accurate changes to the extent that it is at all? This is so marginal that it would be a mistake of rounding,” Bahnsen said.
The pennys are shown in Glenview Coin & Collectibles on July 6, 2006. In Glenview, ill. (Tim Boyle / Getty Images / Getty Images)
Canada moved away from her version of Penny more than a decade ago, and other countries like Australia, New Zealand and Sweden have taken similar actions before. In Canada, after the Government started the abolition of coins, rounding or down to the nearest five cents, it became common for cash transactions.
Bahnsen said that the rounding of cash transactions “only less likely happens in a digital payment environment,” noting that many people are not paid these days. “
Report published last summer Federal Reserve Financial Services 32% of payments were found in October 2023. They used credit cards and similar, but slightly smaller stake – 30% – used debit cards. In the meantime, Gotovina payments were 16% transactions, according to the report.
The Canadian government said in its 2012. Economic Action Plan This is resolved by a coin in Novi Zealand, Australia and other countries “did not cause an increase in price inflation.”
Now stopping the production of new little things, it would be a little related to advice, Bahnsen also said.
He also noted that the existing money would continue to be in circulation, “but you really talk about more about a collector item, not a consumer item, not a transaction currency that people pay.”
“Ultimately, President Trump’s motif here was only more effective here and I think the Ministry of Finance was spending a lot of money by earning little things that do not have real commercial use,” Bahnsen said said Fox job. “This is not an event that breaks the country, but it’s something that is slightly more effective, which is the job of the Ministry of Finance.”
Americans for the usual cente, who were critical of Trump’s efforts, said in a press release in late January that the rejection of money “would not save the Government money”.
A bunch of American pennies to illustrate a photo in Washington, DC, February 10, 2025. (Saul Loeb / AFP via Getty Images / Getty Images)
“Many directing costs of mint would remain and have had to absorb it without any coins,” said CEO Mark Weller. “Also, there would be a greater demand for expensive Nicovi, which means even more expenses.”
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The group gets significant funds from Artican, according to CNN. This company is supposedly delivered by the gaps used in coin production.
The Americans for the Common Cents proposed the Government “rethinking that Metica allocated its directing costs and focuses on reducing the cost of nickel production” instead of moving away from the coin.
The mint cost almost 13.8 cents to produce Nikla last year, the agency said.
The group also has pushed In contrast to the arguments that the penny has no value and claimed a “rounding tax”, which is a consequence of removal of denomination in one center “disproportionate to people” without access to banking or payment methods.
